Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst
Crypto predictions are on the rise with the recent bull run that saw the price of bitcoin surge past $50,000 again. Now, Market analyst Mike McGlone lays out the path of Bitcoin and Ethereum hitting new highs that would see them both at least go up 100% from their current price points. In the most recent release of the Bloomberg Indices Outlook Crypto, McGlone puts bitcoin on course for $100,000 and Ethereum at $5,000.
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This comes from a revived bull market that began as the second quarter of 2021 draws to a close. Setting both digital assets and the crypto market at large for massive success. Despite bitcoin lagging behind as decentralized finance takes root in the industry, the analyst believes that the price is set to explode.
Charging With The Bulls
Currently, trends show that bulls still have complete control of the crypto market. This has seen bears lose massively with liquidated shorts. But it hasn’t always been peachy. Like any bull market, the recent one has been no different when it comes to correction. The present rally has been rife with various downwards corrections that have usually dragged prices down. But recoveries have been abundant with cryptos using these downwards corrections as bounce-off points for a fresh rally.
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The last correction puts digital assets like bitcoin and ethereal on course to new highs before correcting back down. The likelihood of a correction down that would lead to lows witnessed in the second quarter is very slim at this point. Right now, crypto is charging upward and there is not a single roadblock big enough to stop it.
With growing demand and adoption, these price predictions look achievable in the not too distant future. Supply has been constantly diminishing with investors hoarding their coins. This is evident from accumulation patterns and reserve exchanges seeing fewer inflows than outflows.
Crypto Is Here To Stay
The term “crypto is a bubble” has come and gone. With the passage of time, the market has proven that it is anything but a bubble. Thus, showing that it is here to stay. The crypto market may just be hype and speculation,” says McGlone. “Or it could be a revolution in money and finance that’s in early price-discovery days.” McGlone, in his report, notes that bias is usually with the sentiment that crypto is just hype and speculation. Although the success of cryptocurrencies would beg to differ.
With the current trajectory, the market analyst believes that bitcoin and ethereum will maintain the upward movement given that it’s the path of least resistance. “Simply staying the course is the more likely outcome,” McGlone adds.
BTC price settles above $50K | Source: BTCUSD on TradingView.com
Bitcoin’s use case as a store of value and Ethereum’s use case as the building block of decentralized finance is why they are so valuable. Presently, the value of bitcoin looks to have settled above $50,000, currently trading at $50,653 at the time of writing. While Ethereum is back down into the $3,900 range after resistance at $4,000.
Featured image from All In One Crypto App, chart from TradingView.com